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DEMAND FORECASTING TECHNIQUES - Coggle Diagram
DEMAND FORECASTING TECHNIQUES
STATISTICAL METHOD
BAROMETRIC METHOD
Demand is predicted based on the past events or key variables in the present.
REGRESSION MODEL
A relationship is established between the demand of the product and one or more independent variables that are likely to influence that demand.
Purely based on statistical data
ECONOMETRIC MODEL
Demand is forecast on the basis of systematic analysis of economic relations by combining economic theory with mathematical and statistical tools
TREND PROJECTION MODEL
Assuming that the past trend will continue in future thereby using its data of past years.
Graphical
Least Square method
Time series data
Moving average method
Exponential smoothing
OPINION POLLING METHOD
CONSUMERS SURVEY METHOD
END - USE METHOD
Forecasting the demand for intermediary goods
:star:Milk can be used as an intermediary good for the production of ice cream
SAMPLE SURVEY & TEST MARKETING
It surveys from a sample of people among a population and collect their views based on the assumption that the sample truly represents the population.
COMPLETE ENUMERATION SURVEY
customer data and aggregates are recorded
SALES FORCE OPINION METHOD
In this method the opinion of the salesman is sought.
It requires each of the salesperson in the company to make an individual forecast for his particular sale territory.
DELPHI
TECHNIQUE
Seeking the opinion of group of experts through male about the expected level of demand. These opinions are exchanged among various experts and are analyzed